SpotOnChain has reported that the unlocking of $500 million worth of the decentralized cryptocurrency exchange (DEX) dYdX (DYDX) has begun. Multiple addresses have deposited DYDX on Binance for approximately 45 minutes and have started unlocking the DEX. This has led to DYDX being sold on the market.

An anonymous address starting with "0xb0d" deposited 5.63 million DYDX (equivalent to $18.01 million) to Binance, and an estimated address associated with cryptocurrency trading company QCP Capital deposited around 390,000 DYDX (equivalent to $1.26 million) to Binance. Additionally, three addresses swapped approximately 228,000 DYDX (equivalent to $720,000) from the DEX to stablecoins.

The unlocking of these DYDX tokens is significant, as it represents about 80% of the existing DYDX circulation. DYDX's price has experienced some fluctuations in response to this unlocking, currently trading at $3.18, down 1.23%. 🚀💰🔓 #DYDX #cryptocurrency #DEXT #unlocking